Rauner unveiled a new program Tuesday aimed at helping minority and women entrepreneurs grow their businesses, saying African-Americans didn’t come to Chicago “because we had a great welfare system or a great minimum wage,” but because they were seeking opportunity that has since “bled away.”
Comment: We beg to differ on this point (to put it mildly): “We don’t think the district quite meets the strict legal definition of ‘insolvency’ under Chapter 9, at least not yet.”
A new report by Governor Bruce Rauner’s administration projects that the State of Illinois’ backlog of unpaid bills could grow to $25.0 billion in FY2019 from $4.4 billion in FY2015 based on current tax and spending policies.
Comment: Jim Edgar’s culpability for our problems and lack of credibility goes far beyond the “Edgar Ramp” for pensions, for reasons we wrote about earlier.
So far, AFSCME has stuck with its demands of step salary increases of 3.8 percent, along with regular wage increases. The union also has failed to budge on workers receiving overtime pay after 37.5 hours. It’s estimated the AFSCME proposal would cost the state $1.6 billion per year.
Preface: The following was submitted by “A Recovering Pension Actuary” – somebody I believe to be knowledgeable and credible who asked to be kept anonymous. I certainly think it’s true that actuaries shouldn’t bear too much blame for the problems with Chicago Teachers’ Pension Fund and our other unfunded pensions. Beyond that, I’ll let you judge for yourself. -Mark Glennon No one blames the coroner for a homicide that he examines; people hold the killer accountable. Likewise, we shouldn’t castigate the actuaries for the funded status of the CTPF – the real villains are the legislators in Springfield.